Jaypee Infratech: Suraksha Group Assures Flat Delivery

New Delhi, Feb 6 (PTI) Realty firm Suraksha Group, which acquired Jaypee Infratech Ltd (JIL) in 2024 through insolvency process, has assured stuck homebuyers that it would give possessions of their apartments as per the commitment made in the final resolution plan.

According to sources, Suraksha Group's senior management held a webinar earlier this week with homebuyers to address their concerns.

In the meeting, the company provided details of the progress made in the stalled housing projects after it took control over JIL in June 2024.

The senior management assured homebuyers that it will fulfil the promise made in the resolution plan, sources said.

Mumbai-based Suraksha Group, in its final resolution plan, promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.

Last month, the company had said it has completed construction of 5,989 units across 63 towers in 'JIL Wish Town' township in Noida, Uttar Pradesh.


"The company has already secured Occupancy Certificates (OCs) for 31 towers comprising 3,135 units," it added.

Suraksha Group has applied for OCs of additional 32 towers of Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments, Kensington Park Heights and Pebble Court. These 32 towers have a total of 2,854 units.

The company expects to receive Occupancy Certificates for 32 towers over the next couple of months.

On June 4, 2024, Suraksha Group took control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL.

The Corporate Insolvency Resolution Process (CIRP) against JIL started in August 2017, over an application by the IDBI Bank-led consortium.

On March 7, 2023, the National Company Law Tribunal (NCLT) approved the bid of the Suraksha group to buy JIL.

In its final resolution plan, the Suraksha group offered the lenders more than 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. It also proposed to complete all stalled projects over the next four years.